World oil prices today
In the past week, world gasoline and oil prices reversed to increase after consecutive weeks of deep decline. WTI crude oil increased from 68.78 USD/barrel at the end of last week to 71.41 USD/barrel at the end of this week. For the whole week, WTI oil prices increased by 2.63 USD/barrel, equivalent to about 3.8% compared to the end of last week.
Brent oil increased from 72.12 USD/barrel at the end of last week to 76.01 USD/barrel at the end of this week. For the whole week, Brent oil prices increased by 3.89 USD/barrel, equivalent to about 5.4% compared to the end of last week.
After a streak of nearly a month of decline, the prices of both Brent and WTI oil in the first trading session of the week retreated to the late-February zone, the time before the conflict between the US, Israel and Iran broke out.
However, in the trading session last Tuesday, world oil prices surged sharply after the US revoked the license allowing Iran to sell crude oil. The increase was also extended in off-hour trading when Washington condemned Iran's actions in the Strait of Hormuz as "completely unacceptable", and warned Tehran that it would suffer the consequences after attacks targeting oil tankers on this strategic shipping route.
The new developments increase doubts about the possibility of maintaining the memorandum of understanding that the US and Iran signed in June to de-escalate tensions and restore transportation through the Strait of Hormuz. According to experts, the ceasefire is still very fragile and the risk of re-attacks in the near future may continue to cause strong fluctuations in the oil market.
By Wednesday's trading session, oil prices continued to rise and closed at a multi-week high after US President Donald Trump warned of possible new airstrikes against Iran. This statement raised concerns that the conflict in the Middle East could escalate again, leading to the risk of disruption of supply and oil transportation through the Strait of Hormuz.
In Thursday's session, oil prices turned down by about 2% as the market turned its attention to concerns about inflation and negative global economic outlook, which could weaken oil consumption demand. In China - the world's second largest economy, production price inflation in June rose to a 4-year high, continuing to put pressure on corporate profits amid weak domestic demand.
By the last trading session of the week, oil prices slightly decreased as tensions between the US and Iran showed signs of cooling down. However, thanks to strong gains in the mid-week sessions, both Brent and WTI oil still closed the trading week with significant increases.
Domestic gasoline prices today
On July 12, retail gasoline and oil prices according to the price list announced by Petrolimex in region 1 and region 2 are as follows:
The above domestic retail gasoline and oil prices are adjusted by Petrolimex according to the inter-ministry of Industry and Trade - Finance's management period from 3:00 PM on July 9.
Gasoline and oil discount today
- MIPEC Petroleum Trading and Trading Co., Ltd. - MIPEC Petro (applied to the Northern region):
+ E10 gasoline: 500 VND/liter.
+ Diesel oil 0.05S-II: 100 VND/liter.
Domestic gasoline and oil price forecast for the next period
According to a representative of a gasoline and oil business, it is predicted that in the next price adjustment period, retail gasoline and oil prices may have opposite adjustments.
In which:
- E10 gasoline reduced by about 0-50 VND/liter
- E5 RON 92 - II gasoline reduced by about 0-50 VND/liter;
- Diesel oil increased by about 1,600 VND/liter.
Today's gasoline and oil prices are for reference only and may change according to market developments.
Refer to more articles about gasoline and oil prices HERE.
